Reasons behind MATIC’s decoupling from market trends

📆 6/8/2023 9:33 AM
📰 CryptoAmb

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Selling pressure on MATIC has been increasing, causing its price to remain low. The sentiment around MATIC also remained negative.

As per the tweet, the latest setback appeared to be a $95 million transfer from a whale’s cold wallet to Binance. The increase in selling pressure resulted in a further price drop.

At the time of writing, MATIC was trading at $0.7627 with a market capitalization of over $7 billion, making it the 10th largest crypto. Santiment’s chart suggested that the selling pressure was still on. Polygon’s supply on exchanges increased while its supply outside of exchanges went down. Additionally, the supply held by top addresses also declined, suggesting that investors were selling.While the aforementioned metrics looked bearish, CryptoQuant’s

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